


An investment report of ice and fire: A portfolio of princes

by Slant



Category: A Song of Ice and Fire - George R. R. Martin
Genre: Banking, Gen, investments, loans
Language: English
Status: Completed
Published: 2013-11-15
Updated: 2013-11-15
Packaged: 2018-01-01 16:08:05
Rating: General Audiences
Warnings: No Archive Warnings Apply
Chapters: 1
Words: 572
Publisher: archiveofourown.org
Story URL: https://archiveofourown.org/works/1045856
Author URL: https://archiveofourown.org/users/Slant/pseuds/Slant
Summary: <blockquote class="userstuff">
              <p>Like everyone else on the wall, Tycho Nestoris has to save the realms of men from necrotic ice entities. Unlike everyone else, he has to show at least a 12% return on investment while he does it, or he's fired.</p>
            </blockquote>





	An investment report of ice and fire: A portfolio of princes

To: Iron bank

re: Investment opportunities in Westeros.

While Westeros as a whole and the north in particular remain remain economically backwards, opportunities for both long-term growth and for leveraging the current political uncertainty have recently arisen.

In the south, economic activity remains subsistence based and ownership remains feudal. 

Events in the south are unlikely to result in structural changes. Short term opportunities may exist if we can take advantage of the feudal holdings changing hands but other than further impoverishing the common people and placing liquid assets in the hands of sellswords, no meaningful change is expected. With very few exceptions, Westerosian lords have little appreciation of investment, growth opportunities or fiscal policy. Even the parts of the country capable of supporting wealth creation may be expected to fail due to structural reasons. The best that may be expected is to establish a king willing and able to recognise the crown's existing debts to the Iron Bank. 

In the north, long-term structural change is taking place. The Iron bank should position itself to take best advantage of, and to nurture, growth opportunities. 

The Night's Watch wealth remains largely tied up in, if I may be excused the joke, the frozen asset that is the order's raison d'être. It is virtually worthless to anyone outside their brotherhood. However, they also own land to an area of 15, 000 square leagues known as the Gift. This has remained economically inactive for centuries due to a lack of workers, but that is currently changing, and it is this growth which I believe that the Iron Bank can profit from.

An additional powerbase has become apparent: A race of necrotic ice entities from beyond the wall known a the White Walkers. This has led to the Wildlings (their preferred term is “Free Folk”) previously living north of the wall and frankly beyond the reach of even the barbarous “civilisation” of Westeros to migrate south. They have formed an alliance with the Brotherhood and intend to settle the Gift. In this, there is scope for long term growth. In the short term, the Free Folk bring portable wealth long lost to civilized nations, including a surprising number of gems and more than one object spoken of only in legends.

While “peaceful” contact in the form of offering tribute has been established between one of the families of degenerate inbred beast-man north of the wall and the White Walkers, reciprocal trade is apparently beyond them, and other than murder and human sacrifice, they are not known to engage in _any_ economic activities. They thus pose a threat to growth and prosperity. Success in their overall plans may plunge the north into centuries of stagnation.

I therefore recommend that the iron bank's portfolios should continue to include loans to support Stannis Baratheon with the aim of establishing a king who will recognise the crown's existing debt to the the iron bank.  
I further recommend extending loans at favourable rates to the Brotherhood of the Night's Watch and their Free Folk allies; their failure will result in ice zombies depopulating the northern Westeros and beyond, resulting in economic collapse. Support of them at this time will establish the Bank as a major player while the Gift becomes economically active region in the medium-to-long term. In the short term, both the Night's Watch and the Free Folk offer collateral in the form of various ancient treasures.

In profit,

Tycho Nestoris


End file.
